I have a bond with a time to maturity of 5, a nominal value of $100, coupons of \$3,- and an yield price that I need to calculate so that the bond price equals \$100,-. This yield value is symbolized by y in the following formula:
Is there a way to easilly calculate this value of $y$ in excel? At the moment, I sum all the bond payments and the present value, and change the interest rate until I have the right value. Can this be done more efficient?